Kids and Money
Lynne Finch, author of The No-Cash Allowance has been named the August Mommy Master of the Month. This award recognizes mompreneurs through an initiative created by Ellie Hirsh, founder of MommyMaster.com.
In describing her book, Lynne says,
Studies show that women are more proactive in teaching their kids about money. As a mom my determination to teach my kids about money led me to create a strategy that simplifies the whole allowance situation with kids and provides years of hands-on money education in the home. It all started because I didn’t have cash for my kids’ allowances.
In a moment of inspiration (or desperation), I paid my kids, who were ages 5 and 3, with virtual money, written in an account similar to direct deposit. This became the basis for The No-Cash Allowance.
I’m a mom who started her own publishing company to produce this very practical guide for teaching your children how to manage money. I didn’t set out to be both author and publisher. I liked the idea of someone else paying the printing bill, so my book proposal made the rounds to many publishers. Some publishers were interested, if I agreed to contain my ideas about kids and allowances in one chapter of a big book about money management and investment.
Because I believed allowances was an important topic for parents I invested my own money to publish my book about this specific topic. While the book is about kids and allowances, it’s really about kids learning to make and understand their own money decisions.
When my book finally rolled off the press our kids had left the nest. We knew that our system was successful because they never once called home from college to ask for money. We could see that they were independent and responsible for managing their financial resources.
Moms are concerned about their kids’ financial future, but may not know how to help them be prepared. I believe that by teaching kids to make thoughtful day-to-day money decisions we can help our children learn to be good managers of their finances.
Knowing how to manage virtual money–money that can’t be seen or touched–is an essential survival skill for the next generation.
As a mom, I set out to teach my kids about money. What they learned reached far beyond dollars and cents. My children learned essential life skills like confidence, decision-making and responsibility. It wasn’t about the money at all.
About this award, Lynne says, “It’s an honor to be recognized for doing my part in helping moms educate their kids about money. Parents tell me that using The No-Cash Allowance has surprised and please them as they see the improved attitude and responsibility that their kids have about money.”
Lynne Finch helps parents teach their kids about money from piggy banks to online banking. “It’s time to teach the kids how to manage money they can’t see or touch,” says the author of The No-Cash Allowance. Follow Lynne’s common sense approach for teaching children that money is a number with kids as young as pre-school and continuing through high school.
The No-Cash Allowance is a Mom’s Choice Awards® Gold Recipient as a Parenting Book.